Wittenberg Investment Management Inc. Sells 31,500 Shares of Great Lakes Dredge & Dock Corporation $GLDD

Wittenberg Investment Management Inc. reduced its position in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) by 13.8% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 196,800 shares of the construction company’s stock after selling 31,500 shares during the period. Great Lakes Dredge & Dock accounts for 1.0% of Wittenberg Investment Management Inc.’s investment portfolio, making the stock its 17th biggest holding. Wittenberg Investment Management Inc.’s holdings in Great Lakes Dredge & Dock were worth $2,399,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in GLDD. Strs Ohio bought a new position in Great Lakes Dredge & Dock in the first quarter valued at about $45,000. Quarry LP lifted its position in Great Lakes Dredge & Dock by 213.7% during the 1st quarter. Quarry LP now owns 5,503 shares of the construction company’s stock valued at $48,000 after purchasing an additional 3,749 shares during the period. R Squared Ltd bought a new position in shares of Great Lakes Dredge & Dock in the 2nd quarter valued at about $125,000. AlphaQuest LLC boosted its stake in shares of Great Lakes Dredge & Dock by 330.4% in the 1st quarter. AlphaQuest LLC now owns 12,598 shares of the construction company’s stock valued at $110,000 after purchasing an additional 9,671 shares during the last quarter. Finally, Atria Investments Inc acquired a new stake in shares of Great Lakes Dredge & Dock during the 2nd quarter worth approximately $156,000. Institutional investors and hedge funds own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Stock Performance

Shares of NASDAQ:GLDD opened at $12.03 on Tuesday. The firm’s 50 day simple moving average is $11.81 and its 200 day simple moving average is $11.53. Great Lakes Dredge & Dock Corporation has a fifty-two week low of $7.51 and a fifty-two week high of $13.05. The company has a market capitalization of $818.03 million, a price-to-earnings ratio of 11.46, a P/E/G ratio of 0.94 and a beta of 1.40. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.15 and a quick ratio of 1.02.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its quarterly earnings results on Tuesday, November 4th. The construction company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.09. Great Lakes Dredge & Dock had a net margin of 8.63% and a return on equity of 15.61%. The company had revenue of $195.21 million during the quarter, compared to analyst estimates of $201.30 million. As a group, sell-side analysts forecast that Great Lakes Dredge & Dock Corporation will post 0.69 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on GLDD. Weiss Ratings restated a “hold (c+)” rating on shares of Great Lakes Dredge & Dock in a report on Wednesday, October 8th. Zacks Research upgraded shares of Great Lakes Dredge & Dock from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 10th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Great Lakes Dredge & Dock presently has a consensus rating of “Buy”.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corp. engages in the provision of dredging services. Its projects include channel and port maintenance, channel deepening and port expansion, coastal protection and restoration, as well as land reclamation. The company was founded by William A. Lydon and Frederick C. Drews in 1890 and is headquartered in Houston, TX.